Bitcoin cleared $64,000 during Asia trading hours ahead of the Federal Reserve decision on Wednesday, moving above that threshold in Asian-session trade prior to the central bank’s announcement. Markets are pricing a hold at Wednesday’s decision, with market pricing broadly reflecting an expectation of no change at the meeting. A minority of market participants nonetheless expect a surprise rate hike, a possibility flagged by Citadel Securities and UBS ahead of the decision.
South Korea’s Kospi index fell 6% on Wednesday and has declined nearly 40% since its June 19 peak, reflecting the magnitude of recent index movements. Separate commentary from 10x Research reported a 42% drop in the Kospi and presented that figure as part of its market observations. The 10x Research commentary indicated the 42% figure in a statement posted on X. These figures describe the scale of the index’s decline over the referenced period without additional quantification here.
The numerical changes above summarize recent Kospi performance as reported. No further interpretation is provided in this section.
On Tuesday, ARK Invest purchased about $12 million of SpaceX shares, adding 105,108 shares across its exchange-traded funds. SpaceX stock rose 2.6% to a price of $116.41 during the reported trading, and the company’s share price has fallen 29% over the past month. The stock is trading well below its $135 June IPO price.
In separate trades, ARK Invest trimmed holdings in several other names, reducing its Robinhood exposure by about $4 million, trimming Block by about $2.3 million and cutting Bullish by about $1.6 million. The firm also added small positions in Bitmine and in a Solana staking ETF. These statements summarize the reported changes to ARK Invest’s ETF-level positions without additional detail.
Morgan Stanley said SpaceX’s selloff pushed its valuation to a level that prices the company’s AI business at zero while the bank maintained a $300 target for the stock. The annualized 30-day Bitcoin volatility index, BVIV, is hovering below 40%. That level is well below highs above 60% seen during early June and early February price sell-offs. The BVIV index is influenced by demand for options.
“As the AI trade gets repriced, bitcoin may capture some of the value,” 10x Research said on X. “Korea’s Kospi just dropped 42%, dragged down by the same AI-trade tech names driving private LLM valuations. If that correlation holds, Anthropic and OpenAI are due for a serious repricing, and the reason isn’t demand, it’s commoditization.”
Bitcoin cleared $64,000 in Asia trading ahead of the Federal Reserve decision, while markets largely expect the Fed to hold rates at the meeting though a minority anticipate a surprise hike. South Korea’s Kospi has weakened sharply overall, ARK Invest adjusted ETF-level positions including new purchases and trims, and the annualized 30-day Bitcoin volatility index has remained below recent peaks.
